Brazilian Buy for Data and AI Consultancy Artefact

Enterprise data and AI consulting company Artefact has acquired Finor, a Brazilian firm with similar expertise, specialized in the banking, financial services and insurance sectors.

Artefact specializes in data and AI transformation and AI/data-driven marketing, including data quality and governance, data platforms, AI Factory, data-driven customer experience and marketing ROI. The firm, which was founded in 2014 by Guillaume de Roquemaurel and current CEO Vincent Luciani (pictured), has more than 1,700 employees operating in 25 countries in the Americas, Europe, Asia, the Middle East, India and Africa. A year ago it bought Swiss AI consultancy Effixis.

Finor was founded in 2020 by professors Tiago Filomena and Guilherme Kirch of UFRGS, and is headquartered in the Brazilian city of Porto Alegre. Its end-to-end solutions include data and AI projects applied to credit risk, asset-liability management, portfolio optimization, pricing of financial instruments, fraud detection and revenue management. Clients are mostly large and mid-market financial institutions in Brazil and throughout the Americas.

The acquisition, arranged through Artefact's Brazilian subsidiary, strengthens its consulting offer in the Latam region and 'positions it at the forefront of AI-driven transformation for financial services.' Finor's team of nearly 30 highly skilled AI professionals will join Artefact's team in LatAm, which the firm expects to reach 250 employees by the end of 2025.

Artefact CEO of Latin America André Fonseca says of the buy: 'Finor's unique combination of domain expertise and technological excellence strengthens our ability to serve Banking and Insurance clients in Latam. Together, we can deliver the next generation of AI solutions and consolidate Artefact as the most impactful AI services ecosystem in Latam.' Tiago Filomena, co-founder and CEO of Finor, adds: 'Since our creation, we have focused on impact, trust, and talent. Partnering with Artefact allows us to scale our mission and help financial institutions embrace AI responsibly, with transformative results across Brazil, Latin America, and the US.'

Web site: www.artefact.com .